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Banks Back Down on Debit Card Fees

October 31, 2011, Written By Lynn Oldshue

Some banks are backing down on planned monthly debit card fees after angry protests from customers and condemnations from both Congress and President Obama. Some consumers had even declared this Saturday, November 5, as ‘Bank Transfer Day.’

SunTrust Banks today announced that it will end its $5 per month debit card fee which it had instituted in June on its Everyday Checking customers. The bank said it will refund the money to customers.

On Friday, Wells Fargo scraped plans to charge $3 per month to customers who used their debit card. The bank had planned testing this fee beginning November 15 on customers in Georgia, Nevada, New Mexico, Oregon, and Washington.

Also on Friday, JP Morgan Chase said it is ending its test of a $3 monthly debit card fee in Wisconsin, and is not going to impose it on consumers.

Bank of America is working on plans to give customers some ways to avoid the $5 debit card fee it will impose beginning in 2012. The fee may be waived for customers that use Bank of America credit cards, maintain higher checking account balances, or make designated direct deposits. Customers who don’t qualify could still get stuck with the fee.

Regions Financial Corp. continues to charge $4 per month to some of their debit card customers.

This is great news for consumers, but this is not the end of new fees. Banks are still losing billions of dollars in revenue from the interchange fee regulations. They will find more subtle ways to make up for this lost revenue, increases that may fly under the radar. Banks may increase existing fees or raise the introductory interest rates on credit cards. They will find some way to increase their revenue, and it’s always the consumer that will end up paying for these increases.

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Editorial Note: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer affiliate program. See the online application for details about terms and conditions for these offers. Every reasonable effort has been made to maintain accurate information, however all credit card information is presented without warranty. After you click on an offer you will be directed to the credit card issuer's web site where you can review the terms and conditions for your offer.

Advertiser Disclosure: LowCards.com is an independent, for-profit web site. LowCards.com participates in the Affiliate Network, and receives compensation from most of the credit card issuers whose offers appear on the site. This compensation helps support our website and enables us to write insightful articles to help you manage your credit card accounts. This compensation, as well as the likelihood of applicants' credit approval and our own proprietary website guidelines, may impact how and where the cards appear on our site.

LowCards.com does not include all credit card companies or every available credit card offer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. Every reasonable effort has been made to maintain accurate information, however credit card offers change frequently. After you click on an offer you will be directed to the credit card issuer's secure web site where you can review the terms and conditions for your offer.